The Real Deal Miami

Canadian drug firm buys Miramar warehouse for $50M

Apotex Corp. paid $165 per square foot for warehouse built by Atlanta-based IDI Gazeley
February 04, 2017 01:30PM

15501 SW 29 Street in Miramar

Canada-based generic pharmaceutical company Apotex Corp. bought a warehouse in Miramar for $50 million.

An affiliate of Apotex, called Sherm Realty Corp., bought the 302,864-square-foot warehouse Jan. 31 for $165 per square foot.

The seller was Atlanta-based industrial property developer IDI Gazeley, which built the warehouse in 2014.

The warehouse is located on a 20-acre lot in a corporate park that IDI Gazeley developed at 15501 Southwest 29 Street in Miramar, northwest of Miramar Parkway and Interstate 75. The park’s tenants include Kellstrom Defense Industries Inc.

Colliers International reported that the pace of industrial-space absorption in Broward during last year’s fourth quarter was the fastest in a decade and supported “skyrocketing” lease rates.

Colliers reported that 37 percent of all Broward industrial space leased last year was leased in the fourth quarter, about 936,000 square feet. [Daily Business Review] Mike Seemuth